California Homebuyers Are Waiting Until 47

California’s housing crisis is showing up in a stark new way: many residents are not buying their first homes until their late 40s. A new California homeownership report from the Public Policy Institute of California says the typical age for first-time ownership in the state has climbed to 47, roughly a decade later than the national pattern.

The study found that half of young adults across the rest of the country own their first home by age 37, but in California that midpoint lands ten years later. Researchers said the age has been rising steadily over the past 15 years as ownership costs have continued to climb. The report also noted that renters in their 30s and much of their 40s now outnumber homeowners in the state, underscoring how far the market has shifted away from younger buyers.

The numbers paint a broader picture of strain across the Golden State. Half of Californians used to own homes by age 39, but that benchmark has moved to 47. The result is that many people have fewer years to build equity before retirement, and in some cases are still carrying mortgage payments into their 60s and 70s. That is a long runway for a household to remain tied to housing costs before it can truly feel financially settled.

California’s overall homeownership rate also trails the rest of the country. The study put the state at 56%, compared with 66% nationwide. Only New York is lower, at 54%. That gap helps explain why California remains a central battleground in the national debate over housing affordability, especially in places where wages have not kept pace with prices, taxes, and the cost of entry into homeownership.